Brexit

Brexit could cost the government up to £66 billion a year in lost tax revenue, a draft cabinet committee paper seen by The Times. The document contains a warning that leaving the single market and switching to World Trade Organisation rules would cause GDP to fall anywhere between 5.4% and 9.5% within 15 years and it is based on a controversial treasury report published in April, which critics had dismissed as scaremongering by the treasury, the newspaper said.

The British currency suffered a massive temporary loss in value overnight, diving 10% against the dollar in just minutes – a so-called flash crash. It fell from around $1.26 to near $1.14 in trading in Asia before recovering somewhat by the time Europe woke up, it was the most aggressive move since the results of the Brexit vote emerged in June.

With traders struggling to find whether it was a "fat finger error" or related to fears over Brexit, the Bank of England said in a statement: “We are looking at the causes of the sharp falls over night".

La monnaie britannique a atteint son niveau le plus bas en trente et un ans face au dollar et en sept ans face à l’euro.

EasyJet is enduring a very challenging period. The low cost company flew a record 22 million passengers in the three months to Sept. 30, but revenue per seat fell by 8.7% from the same period last year, at constant currency as EasyJet has invested in pricing in order to boost passenger numbers. This included a strong load factor of 93.9%, with passengers benefitting from low fares across its network.

Theresa May outlined a vision for Britain after Brexit in the speech to Tory conference during its annual convention yesterday. British Prime Minister said the vote for Brexit was a rejection, not just of the European Union, but of an entire social and economic order. “It was about a sense – deep, profound and let’s face it often justified – that many people have today that the world works well for a privileged few, but not for them.

The British pound hit a new 31-year low against the U.S. dollar on Tuesday as markets continued to digest the news that the U.K. seems head for a "hard" exit from the European Union. The pound closed at $1.2759. It’s weakest value since June 1985.
The so-called "hard Brexit’ is the way to leave it with restricted access to the EU single market.

UK manufacturing activity rose to its highest in more than two years, as the level new export orders surged on the weaker British Pound, a private survey revealed on Monday. According to Markit/CIPS, the Purchasing Managers’ Index advanced to 55.4 in September, its highest level since June 2014, compared to the preceding month’s 53.4 points, while market analysts anticipated a slight deceleration to 52.1 in the reported period. Back in July, the PMI dropped to 48.2 points amid Britain’s decision to leave the European Union.

Britain will trigger the formal process for leaving the European Union before the end of March, Prime Minister Theresa May said Sunday, during the Conservative Party conference.
Announcing the historic change, May said: “We will introduce, in the next Queen’s speech, a Great Repeal Bill that will remove the European Communities Act from the statute book. That was the act that took us into the European Union". Then, speaking to the BBC, May stresses that the negotations required at least 2 years.